Spring Airlines, China’s first low-cost carrier, saw its share price jump 44% on its first day of trading on the Shanghai Stock Exchange, Xinhua reports.
Shanghai-based Spring become the first Chinese budget airline to go public following its initial public offering (IPO) on Wednesday. The floatation generated CNY2.5 billion (US$409 million) for the carrier, which saw its issue price of CNY18.16 per share jump to CNY26.15 by the close of trading.
The company is planning to use the funds generated by the IPO to expand its fleet of Airbus A320s and buy new flight simulators.
Spring currently operates a wide network of domestic services, plus international routes to Japan, Korea, Thailand, Cambodia, Singapore and Vietnam.
It has an all-Airbus fleet of almost 50 single-aisle A320 aircraft.